You might also be able to save on your present taxes with an Individual Retirement Account, by deducting your qualified contributions from your taxable income. Many Americans can deduct all or part of their IRA contributions from current income taxes. The deductible amount depends on your income, marital status and whether you’re an active participant in an employer sponsored plan as defined by the Internal Revenue Service.

With an Individual Retirement Account, you may also be able defer taxes until you retire when you will probably be in a lower tax bracket. The chart below shows you how much you may be able save each year. You may want to consult your tax adviser to review the tax deductible status of an IRA. Regardless of the amount you’ll be able to save now on taxes, an IRA is a smart way for you to save for a secure retirement.

IRA Tax Savings Potential Chart:

IRA Deductible Contribution Amount

10 % Tax Bracket Savings

15 % Tax Bracket Savings

25 % Tax Bracket Savings

28 % Tax Bracket Savings

33 % Tax Bracket Savings

35% Tax Bracket Savings

$ 500

$ 50

$ 75

$ 125

$ 140

$ 165

$ 175

$ 1,000

$ 100

$ 150

$ 250

$ 280

$ 330

$ 350

$ 2,000

$ 200

$ 300

$ 500

$ 560

$ 660

$ 700

$ 2,250

$ 225

$ 338

$ 563

$ 630

$ 743

$ 788

$ 4,000

$ 400

$ 600

$ 1,000

$ 1,120

$ 1,320

$ 1,400

If You’re Changing Employers, An IRA Rollover Makes Sense. If you are retiring or changing jobs and anticipate withdrawing money from your employer’s retirement plan, you can avoid withdrawal penalties by transferring your assets into an IRA or another qualified plan. You can ask your employer to arrange for a “direct rollover” of your money into a new IRA account with us, you can do it yourself with an IRA-to-IRA rollover or contact one of our IRA specialist for help with your rollover. Just give us a call at at any of our convenient locations.

Certificate of Deposit

Our Certificates of Deposits offer guaranteed yields, flexibility, and the safety of FDIC insurance. That's because you lock in a high yield that's guaranteed from the day you open the account until the day it matures. You know exactly what return you'll get and when you'll get it.